The Citizens Forum for Energy Accountability and Development (CFEAD) has praised the Nigerian National Petroleum Company Limited (NNPC Ltd.) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for restoring investor confidence and driving growth in Nigeria's oil and gas sector. The commendation follows announcements by NNPC Group Chief Executive Officer, Bayo Ojulari, and NUPRC Commission Chief Executive, Oritsemeyiwa Eyesan, highlighting measurable results from sustained reforms.
Over $20 Billion in Gas Agreements Secured
CFEAD, in a statement signed by its Executive Director, Patriot Unazi Gideon, highlighted that NNPC secured more than $20 billion in gas sale and purchase agreements over the past year. The group described these deals as a major vote of confidence in Nigeria's energy market.
The agreements cover 1.29 billion standard cubic feet per day of long-term LNG feed gas and 750 million standard cubic feet per day of domestic industrial gas supply to DFL FZE and Dangote Refinery. Seven additional commercial transactions are reportedly in the pipeline, according to the statement.
Oil Production Hits Five-Year High
CFEAD also acknowledged NNPC's efforts in reducing operating costs by $3.4 billion through contract restructuring and optimisation. This was accompanied by a six per cent rise in crude oil production and an 8.1 per cent increase in gas output.
Crude production has reportedly risen to about 1.71 million barrels per day, its highest level in five years. The group said this increase could have major implications for government revenue, economic stability, infrastructure financing, and job creation.
Additionally, NNPC Exploration and Production Limited achieved a record production of 365,000 barrels per day, with an average 98 per cent recovery rate across NNPC's five crude oil export terminals between April 2025 and May 2026.
NUPRC Deep Offshore Reform Could Unlock $50bn
CFEAD equally commended NUPRC for policies aimed at unlocking investment in deep offshore oil and gas projects. The group welcomed the Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026, which NUPRC said could unlock approximately $50 billion in investments and increase crude oil and condensate production by an additional one million barrels per day over the coming years.
According to CFEAD, the incentive could revive major offshore projects that have remained delayed because of their huge capital requirements and lengthy investment cycles. The group identified the $10 billion Bonga South project, expected to commence production in 2027, as an example of the investment opportunities emerging from a more predictable regulatory environment.
Reforms Must Deliver Benefits to Nigerians
Despite applauding the figures, CFEAD said the ultimate measure of success should be the impact of the reforms on ordinary Nigerians. It said higher oil and gas production should translate into stronger public revenue, more jobs, greater energy security, increased industrial activity, and improved economic stability.
The group urged NNPC and NUPRC to sustain the reform momentum while prioritising transparency, accountability, and institutional independence. It also called on oil-producing communities, operators, investors, security agencies, and other stakeholders to support efforts to increase production and attract long-term capital.
CFEAD warned against a return to policy reversals, political interference, and unnecessary bureaucracy, stressing that consistency would be crucial to preserving investor confidence. The organisation said the latest developments provide an opportunity for Nigeria to build a stronger petroleum industry capable of supporting local businesses, developing technical expertise, creating employment, and generating broader economic prosperity.
In related news, President Bola Tinubu has assured Nigerians that the country's refineries will be revived and repositioned to become commercially viable, insisting that simply getting the plants to operate is not enough. The President committed to this when he received the newly elected national executive of the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG), led by its President, Comrade Salimon Akanni Oladiti, at the State House in Abuja.
